YATHARTH
Micro CapYatharth Hospital & Trauma Care Services Limited
Pharma
Yatharth Hospital & Trauma Care Services Limited is a leading group of super specialty hospitals in North India, operating 9 hospitals and 12 Centres of Excellence. The company focuses on a cluster-based growth strategy in Delhi NCR and emerging regions, with a current bed capacity of over 2,800.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 52/100margin compression · Rev +47% YoY · PAT +15% YoY · +7% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹342 Cr | +47.4% | +6.9% |
| EBITDA | ₹80 Cr | +40.4% | +8.1% |
| Operating margin | 23.0% | -200 bps | +0 bps |
| PAT | ₹45 Cr | +15.4% | +4.7% |
| PAT margin | 13.2% | -365 bps | -28 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Yatharth Hospital reported robust Q4 FY26 revenue growth of 47% YoY to Rs 3,416 mn and EBITDA growth of 37% YoY to Rs 799 mn. For FY26, revenue grew 36% YoY to Rs 12,072 mn and EBITDA grew 30% YoY to Rs 2,921 mn, driven by new hospital ramp-ups and existing asset performance.
The company's aggressive expansion strategy through acquisitions and brownfield projects is yielding strong top-line and operating profit growth. While new hospital ramp-up costs dilute reported margins, the adjusted EBITDA margin remains robust, validating the cluster-based growth playbook and high-value service mix. Execution on capacity additions and sustained operational metrics are key.
Revenue by Speciality (FY26)
Latest issuer-disclosed distribution across 12 reported categories.
Cluster-Based Expansion
Building density across clusters in NCR (Noida, Faridabad, Gurugram, New Delhi) to drive brand recall and market leadership.
Expansion into Underserved Markets
Expanding footprint beyond NCR into underserved markets like Agra and Jhansi, establishing first corporate hospitals in regions.
High-Value Speciality Mix
Enhanced mix across existing hospitals and rapid scale-up of newer hospitals to elevate the Group’s ARPOB.
Medical Value Travel
Proximity to Noida International Airport and international outreach efforts to spur Medical Value Travel opportunities.
Gurugram Hospital Acquisition
Acquired 100% stake in an under-construction 250-bedded super-speciality hospital in Sector 40, Gurugram, with expected operationalization by April 2027.
New Delhi Hospital Operationalization
Model Town, New Delhi hospital (300 beds) commenced operations in July 2025.
Faridabad Sector-20 Hospital Operationalization
Faridabad Sector-20 hospital (400 beds) commenced operations in September 2025.
Agra Hospital Integration
Agra hospital (250 beds) integrated with the group effective February 1, 2026.
Operating Leverage & Mix Improvement
Adjusted EBITDA Margin robust at 30.4% (Q4 FY26), led by operating leverage, mix improvement, and positive impact of price revisions in government business.
Successful New Hospital Ramp-up
Early ramp-up of New Delhi and Faridabad Sector-20 hospitals validates acquisition playbook and high-value mix from Day 1.
Strengthening Governance
Appointment of new statutory auditors, independent director, and internal auditor to strengthen governance mechanisms.
Initial Ramp-up Losses
Reported EBITDA margin (23.4% in Q4 FY26) impacted by initial ramp-up losses of new hospitals.
Increased Depreciation and Finance Costs
Depreciation and amortisation increased 133% YoY in Q4 FY26, and financial cost increased 422% YoY, due to new capacity additions.
Execution Risk for New Capacity
Successful operationalization and ramp-up of newly acquired and under-construction hospitals, like Gurugram, is crucial for future growth.
Competition in Dense Catchments
Operating in competitive urban markets like Delhi NCR requires sustained differentiation and service quality.
Revenue Mix Concentration
New Delhi and Faridabad Sector-20 hospitals currently have 100% Cash/TPA business mix with nil government share, which could imply higher collection risk.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential for assessing overall annual growth and performance trends. QoQ comparison is crucial for tracking sequential momentum, particularly the ramp-up and operational efficiency of newly acquired and commissioned hospitals.
Q4 FY26 Revenue Growth
Revenue from Operations increased 47% YoY to Rs 3,416 mn.
FY26 Revenue Growth
Revenue from Operations increased 36% YoY to Rs 12,072 mn.
Q4 FY26 Adjusted EBITDA Margin
Adjusted EBITDA Margin stood robust at 30.4%, excluding initial ramp-up losses of new hospitals.
FY26 Adjusted EBITDA Margin
Adjusted EBITDA Margin stood robust at 28.5%, excluding initial ramp-up losses of new hospitals.
Consistent Acceleration
Management highlights consistent acceleration across Revenue, EBITDA, and Cash Flows.
Seeding New Clusters
Gurugram acquisition is seen as 'seeding the next cluster' and a platform for future expansion.
Clear Capacity Roadmap
Management has a 'Clear Roadmap to Scale Capacity' targeting ~5,000 beds over the next 3 years.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Ramp-up of New Hospitals (New Delhi, Faridabad Sec-20, Agra) | New Delhi: ~Rs 8-9 cr monthly revenue, ~Rs 38k ARPOB. Faridabad Sec-20: ~Rs 6 cr monthly revenue, ~Rs 40k ARPOB. Agra: ~Rs 7 cr monthly revenue, >15% Q4 EBITDA. | Continued sequential growth in revenue, ARPOB, and improvement in EBITDA margins for these recently operationalized facilities. |
| Gurugram Hospital Operationalization & Ramp-up | Under-construction 250-bedded hospital, expected operationalization April 2027, with ARPOB potential ~Rs 50k+. | Timely commissioning, initial revenue generation, and progress towards targeted ARPOB and profitability. |
| Overall Bed Capacity Expansion | 2,800+ beds, with announced brownfield expansions at Greater Noida (200 beds) and Noida Extension (250 beds) over next 24 months. | Progress towards the target of ~5,000 beds over the next 3 years, including timely execution of announced expansions. |
| Adjusted vs. Reported EBITDA Margin | Q4 FY26 Adjusted EBITDA Margin: 30.4%. Reported EBITDA Margin: 23.4%. | Sustained high adjusted margins and a gradual convergence of reported margins towards adjusted levels as new hospitals mature and achieve economies of scale. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +21.8% / mo · near 52W high
Technical chart
YATHARTHweekly · 1Y+61.1%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 61.
- SMA20 rising (~17.9% over last month) — short-term momentum positive.
- RSI(14) at 61 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 6% off 52W high · 67% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 21/25 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Fair-value margin of safety is negative at -9.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 67th percentile of the scored universe and 57th percentile within Pharma. Main check: cash conversion is weak at 55/100.
Healthy Trust Lite: Promoter holding is 55.8%. Key concern: Promoter holding fell 5.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 57th pctile, median 70 · Micro: 52nd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 55.8%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.02.
- ▸8/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 5.8%.
- ▸ROCE trend is -7.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 44.90
- P/B
- 4.42
- EV/EBITDA
- 21.42
- Market Cap
- 7876.00Cr
Profitability
- ROE
- 10.40%
- ROCE
- 12.40%
- ROA
- 7.45%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 41.00%
- EPS 5Y
- 57.00%
- Revenue 3Y
- 36.00%
- EPS 3Y
- 39.00%
Balance Sheet
- Debt/Equity
- 0.15
- Interest Coverage
- 41.71×
- Altman Z
- 8.27
- Book Value
- 185.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 205.00 Cr
- EPS TTM
- 18.20
Shareholding
- Promoter Hold
- 55.80%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 82%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.